Sherman Park Workforce housing Design Development Plan unveiled

VICTOR, Idaho (KIFI) - The Snavely Group and Triple Peak Capital announced the submission of their Design Development Plan for the Sherman Park Workforce Housing project, providing insight into 55 restricted housing units tailored for households with incomes between 80 and 120 percent of the Area Median Income. 

In 2022, the Teton County Joint Housing Authority ("TCJHA"), in collaboration with the City of Victor, initiated a Request for Qualifications to identify qualified developers for the approximately three acre Sherman Park site. Snavely Property Company, the selected developer, submitted its qualifications and a conceptual development plan focusing on multi-family units with rents in the 80-120% AMI range. The TCJHA affirmed the developer's selection as the most qualified applicant in January 2023.

March 2023 saw the City of Victor endorsing the project's financing application to the Idaho Housing and Finance Association ("IHFA"), emphasizing a public-private partnership. The IHFA subsequently granted a $4,000,000 conditional financing award, contingent on delivering 23 units at the 80% AMI income target by Dec. 31, 2024. 

Following property rezone approval, the developer commenced detailed project design work, submitting their plan to the city in January. The development comprises four three story buildings, totaling 90 residential units. The mix of income-restricted and market rate units remains consistent with the developer's initial proposal, but the total number of income-restricted units has increased from 49 to 55. The developer collaborated closely with planning staff to refine the design, ensuring compliance with all code standards.

The presentation to the Council on Wednesday, March 13, will highlight the design features incorporated to create a thriving community at Sherman Park.